Introduction Budgeting is a fundamental tool for both individuals and organizations to manage their finances. It allows for better financial planning, goal-setting, and the ability to track financial progress. One crucial component of effective financial management is the Budget vs. Actual Report, which provides insight into how closely one’s financial reality aligns with their initial budget. In this blog, we will delve into what a Budget vs. Actual Report is, why it’s essential, and how to create and interpret one. Understanding the Budget vs. Actual Report A Budget vs. Actual Report, also k ..read more

What is TDS? The government introduced the TDS (Tax Deducted at Source) system to collect tax at the source from individuals or entities making payments. In India, there are various sections (nature of transactions) under which TDS is deducted by the payer and the rates also vary according to the nature of the transaction and in certain cases based on the nature of the payee. So, let’s dive into using the TDS Register Report. TDS in Tally In Tally, it is possible to setup TDS tracking. The following are the steps to setup TDS in Tally: To setup TDS you have to first enable it through F11 -> ..read more

In the world of business, customers are the lifeblood of success. Customer retention is a critical driver of growth, making it imperative to ensure your business isn’t losing valuable patrons. One way to achieve this is by utilizing various metrics and Key Performance Indicators (KPIs). Among these, understanding and tracking active vs. inactive customers can be a game-changer. Active customers are the heartbeat of your business. They regularly engage with your products or services, make frequent purchases, and maintain an ongoing relationship with your brand. These customers are not just a s ..read more

Introduction Managing debtors is a crucial aspect of financial management for businesses of all sizes. One valuable tool that can help in this regard is calculating and utilizing the Average Payment Days. This metric provides insight into how long it takes your customers to settle their invoices, helping you make informed decisions to improve cash flow and reduce the risk of bad debts. In this blog, we will explore what Average Payment Days are, why they matter, and how you can use them effectively to manage your debtors. What Are Average Payment Days? Average Payment Days also known as Averag ..read more

The Tally range of ERPs, Tally.ERP9 and Tally Prime, offer a wide range of features for managing inventory efficiently. Here are the top 10 inventory management features of Tally : 1) Real-Time Inventory Tracking : Tally provides real-time visibility into your inventory levels, helping you monitor stock levels, reorder points, and identify overstock or understock situations. 2) Multi-Location Support : Tally can handle inventory across multiple warehouses or locations (called Godowns in Tally). To make it easier to manage stock transfers and optimize distribution. 3) Inventory Valuation : Tal ..read more

How to optimize sales performance using Billing Efficiency report The study of essential sales metrics in sales analysis plays a crucial role in understanding customer behavior, optimizing revenue, and improving overall business performance. The Billing Efficiency Report for Tally users is one way in which users can optimize sales performance. How does the Billing Efficiency Report work? Setup the Customer Hierarchy : The Billing Efficiency Report is based on the customer hierarchy in Tally. You may use the standard Tally grouping or you also provide additional dimensions such as Geography (Zo ..read more

Consolidated Financial Statements for Tally.ERP9 and Tally Prime users In today’s data-driven world, businesses are constantly seeking ways to enhance their financial reporting processes. Consolidated financial statements, which combine the financial data of multiple subsidiaries or business units, are essential for providing a holistic view of a company’s financial health. To streamline this complex task, many organizations are turning to Business Intelligence (BI) tools. In this blog post, we’ll explore the benefits of using BI tools for creating consolidated financial statements and provide ..read more

In any manufacturing or trading setup it is important for the owners, managers and CxOs to understand the profit distribution of the business. The profit distribution can be viewed through different dimensions such as geography, sales team, customer segmentation and product segmentation. One of the key reports to view profitability distribution is the product profitability report. Understanding Product Profitability Reports A product profitability report is a comprehensive analysis of the financial performance of individual products or product lines within a company’s portfolio. It provides a ..read more

Tally is an accounting application which is used by thousands of businesses for maintaining their books of accounts. It is user friendly and easy to use. There are many benefits of Tally when compared with other accounting applications. The top 10 features of Tally are explained below. Cost Centre Accounting The cost centre feature of Tally can be used by companies to book revenue and expenses. Cost centre can be used as a project, department, sub ledger, client etc. These can also be used to track some additional dimension required for MIS reporting. Cost Centre wise Profit and loss can be g ..read more

5 ways to track salesperson performance using Tally.ERP9 and Tally Prime In the competitive business landscape, tracking and managing salesperson performance is crucial for driving growth and achieving sales targets. Tally.ERP9 and Tally Prime are popular business applications from Tally Solutions Pvt Ltd and is empowering millions of users in India and overseas helping them to maintain their business and generate reports on the same. For Tally.ERP9 and Tally Prime users tracking salesperson performance can be done in many ways even though Tally does not incorporate salesperson fields directly ..read more